Home loan questions,
answered.
Straight answers to what Canberra buyers, refinancers and investors ask us most, on deposits, first home buyer help, refinancing and more.
General information, not personal advice
What does a mortgage broker do, and does it cost me anything?
A mortgage broker compares home loans across many lenders, handles the paperwork, and guides you from pre-approval to settlement. At Settles Finance our service is generally free to you: the lender pays the broker a commission when your loan settles, so you get choice and support without a fee.
Why use a mortgage broker in Canberra instead of going straight to a bank?
A bank only offers its own products; a broker compares many lenders to find a loan that fits your goals, not the bank's. For Canberra buyers navigating the ACT property market, that means more options, competitive rates, and someone in your corner who knows the local lending landscape.
How many lenders can Settles Finance compare?
Settles Finance works through Astute Financial's lender panel, which spans major banks, second-tier lenders and specialist financiers. That breadth lets us match complex situations, self-employed income or first home buyers to the right lender, rather than forcing your circumstances to fit one bank's rules.
How long does home loan approval take?
Timeframes vary by lender and how complete your application is, but many borrowers get conditional (pre) approval within a few business days and formal approval within one to two weeks. Having your documents ready speeds things up, and we set clear expectations for your specific lender upfront.
How much deposit do I need to buy a home in Canberra?
Many lenders look for roughly 5% to 20% of the purchase price, plus costs like stamp duty. A 20% deposit avoids Lenders Mortgage Insurance (LMI), but there are low-deposit and guarantor options if you have less. We work out the smartest deposit path for your situation.
What help is available for first home buyers in the ACT?
The ACT and Federal governments offer support that can include stamp duty concessions and low-deposit schemes for eligible first home buyers. Eligibility rules and thresholds change regularly, so the safest step is a quick chat where we check exactly what you qualify for right now.
Do first home buyers pay stamp duty in the ACT?
The ACT offers stamp duty concessions that can significantly reduce, or in some cases remove, duty for eligible buyers under an income threshold. Because the thresholds are updated regularly, we confirm your current eligibility while structuring your loan, so there are no surprises at settlement.
How much can I borrow?
Your borrowing power depends on your income, expenses, existing debts, deposit and the lender's assessment rate, not just your salary. Our borrowing power calculator gives a quick estimate, then we refine it against real lender policies to show what you can genuinely and comfortably borrow.
When should I refinance my home loan?
It is worth reviewing your loan when a fixed rate is ending, when rates move, when your equity has grown, or when life changes with a new job, family or goals. Refinancing can lower repayments, unlock equity or consolidate debt, and we tell you honestly whether it stacks up for you.
My fixed rate is ending soon, what should I do?
Do not let it roll onto the lender's default variable rate automatically, as that is often higher than what is available elsewhere. Speak to us a month or two before your fixed term ends so we can compare your options and, if it makes sense, have a better loan ready to go.
Does refinancing cost anything?
There can be costs: discharge fees from your current lender, new application or valuation fees, and government charges. Many lenders offer cashback or fee waivers that offset them, so we weigh the full cost against the savings and only recommend refinancing when you are genuinely better off.
Can I get a home loan if I am self-employed?
Yes. Self-employed borrowers can absolutely get home loans; it just takes the right lender and the right documents, usually one to two years of tax returns, or alternative-doc options for newer businesses. We know which lenders view self-employed income favourably and structure your application to suit.
Can I use my home's equity to buy an investment property?
Often, yes. If your home has grown in value, you may be able to use the equity as a deposit for an investment property without touching your savings. We assess your usable equity, borrowing capacity and the right loan structure so you can grow your portfolio sensibly.
Still have a question? Talk to Van for a free, no-obligation chat, or call 0421 781 883.